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Cegedim: Third Quarter Revenue Growth

Cegedim,
a technology and services company specializing in the healthcare field,
posted consolidated Q3 2012 revenues of €207.6 million, up 5.4% on a
reported basis and 1.4% like for like.

Following a second quarter during which economic conditions deteriorated
in a number of developed countries and clients put off making decisions,
like-for-like* revenues returned to growth in the third quarter even
though tough conditions persisted.

Cegedim remains confident in its growth potential because its
product portfolio meets the needs of a wide variety of markets. In
particular, Cegedim'srich and varied offering fits
healthcare players' demand for "Digital" products and services. Cegedim
has become a significant force in the digital field: in the CRM and
strategic data sector, with interactive CRM offerings across
multiple mobile devices; in the Healthcare professionals sector,
with software solutions and drug databases available on the web and
tablet computers, and new solutions that help companies market to
patients and doctors; and in the Insurance and Services sector,
with the creation of online policyholder benefits verification for the
electronic reimbursement platform in France.

Last August, Cegedim decided to renew the Performance
Improvement Plan it launched in November 2011. All of the costs of
the second plan will be recorded in the second half of 2012, and a gross
impact of more than €10 million is expected in 2013. Along with revenue
growth, this plan is expected to boost the Group's operating cash flow,
making it possible to speed up debt reduction. Lastly, the Group
believes it will have an adequate level of liquidity to respect its
financial commitments.

The change in revenues per sector of activity for the third quarter
is as follows:

€ thousands

Q3 2012

Q3 2011

Growth

Reported

L-f-L*

CRM and strategic data

111,112

111,982

-0.8%

-4.3%

Healthcare professionals

62,623

53,724

+16.6%

+9.2%

Insurance and services

33,848

31,337

+8.0%

+8.0%

Group

207,584

197,043

+5.4%

+1.4%

*at constant scope and exchange rates

Like-for-like* revenue growth in the third quarter of 2012 came to 1.4%
relative to the same period in 2011. The drop in CRM and strategic
data sector revenues was more than offset by the strong growth in
the Healthcare professionals and Insurance and Services
sectors. The positive impact of the ASP Line acquisition was
offset by the sale of Pharmapost, resulting in a net positive
contribution to revenues of 0.4%. Currencies made a positive
contribution of 3.6%.

The change in revenues per sector of activity over nine months is
as follows:

€ thousands

9M 2012

9M 2011

Growth

Reported

L-f-L*

CRM and strategic data

348,310

361,188

-3.6%

-5.9%

Healthcare professionals

205,768

193,957

+6.1%

+2.8%

Insurance and services

106,780

100,480

+6.3%

+6.3%

Group

660,858

655,626

+0.8%

-1.5%

*at constant scope and exchange rates

Like-for-like* revenue growth over the first nine months of 2012 came to
-1.5% relative to the same period in 2011. The drop in CRM and
strategic data sector revenues was only partly offset by growth in
the Healthcare professionals and Insurance and Services
sectors. Acquisitions had no impact on revenue growth, as the impact of
the ASP Line acquisition was offset by that of the Pharmapost
sale. Currencies made a positive contribution of 2.3%.

Analysis of business trends by sector

CRM and strategic data

Third quarter 2012 revenues came to €111.1 million, down 0.8% on a
reported basis. Currencies made a positive contribution of 4.7%. The
sale of Pharmapost made a negative contribution of 1.1%.
Like-for-like* revenues fell 4.3% over the period.

Sector revenues over the first nine months of 2012 came to
€348.3 million, down 3.6% on a reported basis. The sale of Pharmapost
had a negative impact of 0.7%, whereas currencies had a positive impact
of 3.0%. Like-for-like* revenues fell 5.9% over the period.

In mature markets, even though pharmaceutical companies' continued
belt-tightening was a drag on the market research business in the third
quarter, the number of CRM solution users is leveling off, and in some
countries even increasing. The stabilization of the situation in Italy
and Spain in the third quarter is worth noting. On the other hand,
Greece and Portugal remain mired in difficulties. The strong growth at SK&A
since the start of the year reflects the success of OneKey in the
US. SK&A is a California-based company acquired in January
2010 to strengthen the healthcare professional database offering in the
US.

The Group benefited greatly from growth in emerging countries, with fine
performances in - among others - Latin and Central America (double-digit
growth), and a ramp-up in market research in China.

Cegedim continues its tireless innovation, particularly in
digital products and services. Most notably, the new range of CRM
products for tablets MI Touch (IOS 6 and Windows 8) offer native
integration of functions that create interactive presentations from the
digital information generated by healthcare industries. Note that the
Group has the first CRM solution that is 100% compatible with tablets
running Windows 8. The Group also has specific digital offerings such as ScreenPub
that help healthcare companies reach healthcare professionals via their
computer screens.

Healthcare professionals

In the third quarter of 2012, sector revenues came to €62.6 million, up
16.6% on a reported basis. The ASP Line acquisition boosted
revenues by 3.9% over the quarter. Currencies had a positive impact of
3.4%. Like-for-like* revenues rose 9.2% over the period.

Over the first nine months of 2012, sector revenues came to
€205.8 million, up 6.1% on a reported basis. The ASP Line
and Pharmec acquisitions had a positive impact on revenues of
1.3%, and currencies, a positive impact of 2.0%. Like-for-like* revenues
rose 2.8% over the period.

The CHS (Cegedim Healthcare Software) division experienced
strong growth in the third quarter after a stable first half. This
renewed activity was driven principally by strong growth in products for
UK pharmacists following their swift adoption of the Electronic
Prescription Service (EPS). Last autumn, after investing in innovative
development for the past few years, Cegedim earned the first EPS
certification granted by UK health authorities. The division also
benefited from growth in sales to pharmacists in France and the growth
of US software publisher Pulse (News - Alert).

Point-of-sale advertising in pharmacies and parapharmacies, with RNP,
experienced double-digit growth in the third quarter after a tough first
half, demonstrating the judiciousness of the business' reorganization
and investment in digital media.

Lastly, the financial lease company, Cegelease, continued to post
brisk growth in the third quarter, just as it did over the first six
months of the year.

In this sector, the Group also innovates with new digital offerings
including:

Drug information solutions for consumers, available over the internet (infos-medicaments.com)
and on the iPhone (News - Alert) (iMediguide); the latter also helps users
match brand-name drugs with their generic equivalents.

A comprehensive medical practice management solution for tablet
computer (Simply Vitale) and a full web solution for healthcare
professionals (monLogicielMedical.com).

Sector revenues in the third quarter of 2012 came to €33.8 million, up
8.0% both on a reported basis and like for like.

Over the first nine months of 2012, sector revenues came to
€106.8 million up 6.3% both on a reported basis and like for like.

The pick-up in activity noted in July continued throughout the quarter.
Thus, revenue growth is back in line with the pace set in Q4 2011 and Q1
2012 following a second quarter in which growth was only up 2.4%.

Growth was principally driven by the double-digit increase in revenue
from online third-party payer management services, and the more than 30%
growth in Q3 of SRH in France, which provides payroll and HR
management outsourcing. Cegedim SRH continues to garner numerous
commercial successes.

In this sector, the Group is also very well positioned on online
offerings, including the planned launch in 2013 - after a favorable test
phase involving 6,000 pharmacies - of 100% secure online verification of
complementary health insurance benefits, including real-time
reimbursement calculation (Visiodroit).

Financial resources - Third quarter highlights

Acquisition

On July 3, 2012, Cegedim completed the acquisition of ASP Line,
France's fourth-largest publisher of pharmacist software, serving more
than 1,300 pharmacies present around the country, thus strengthening
Cegedim's leadership position in the pharmacy computerization market in
France (see
release sent on July 3, 2012).
Generating synergies with other Group activities, this acquisition
brings with it significant development potential for the years ahead.

Financed by internal financing, these activities represent annual
revenues of around €9 million and are part of the consolidation scope of
Cegedim Group from July 1, 2012.

Award

On September 26, Cegedim received the "Mid Cap Corporate Governance"
award, sponsored by L'AGEFI, in recognition of the quality of the
transparency and governance practices that the Group has adopted.

Significant post-closing transactions and events

Readjustment of bank covenants

On October 3, Cegedim obtained the consent of its banking partners (Banc
of America, Banque Palatine, BNP Paribas, BRED Banque Populaire, Caisse
Régionale de Crédit Agricole Mutuel Centre Loire, CIC, Crédit Lyonnais,
HSBC France, Société Générale) under the credit facility to amend
certain covenants thereunder. This consent signals the continued
confidence of our banking partners in the Group (see
release sent on October 3, 2012).

Cegedim, which was in compliance with its covenants under the credit
facility as of June 30, 2012, has agreed additional headroom under its
leverage and interest cover financial covenants as set out in the
following table.

Period

After

Before

Leverage

Interest

Leverage

Interest

December 31, 2012

3.60

3.00

3.00

4.50

June 30, 2013

3.60

3.00

3.00

4.50

December 31, 2013

3.50

3.00

3.00

4.50

June 30, 2014

3.50

3.00

3.00

4.50

December 31, 2014

3.25

3.25

3.00

4.50

June 30, 2015

3.25

3.25

3.00

4.50

December 31, 2015

3.00

3.50

3.00

4.50

In relation to these changes, Cegedim has agreed to change the
applicable margins under the credit facilities as follows:

Leverage Ratio

Margin (% p.a.)

Term Loan

RCF EUR

RCF USD

= 3.60 and > 3.00

3.75

3.25

3.75

= 3.00 and > 2.50

3.25

3.00

3.50

= 2.50 and > 2.00

2.75

2.50

3.00

= 2.00

2.50

2.25

2.75

Cegedim has also agreed to:

No dividend while the Leverage Ratio is greater than 2.50;

Reduce permitted Joint Ventures from €200 million to €50 million;

Limit acquisitions to €5 million per fiscal year while the Leverage
Ratio is greater than 3.00;

Limit acquisitions to €25 million per fiscal year while the Leverage
Ratio is between 2.00 and 3.00;

Limit the shareholder loan payments to a cumulative amount of €5m as
long as the Leverage Ratio is greater than 2.00. Total repayment is
possible as long as the Leverage Ratio is less than 2.00.

To the best of the company's knowledge, there have been no other
significant events since the closing date.

2012 outlook

In a tough environment, the Group remains confident in its growth
potential, while continuing to prioritize innovation, deleveraging and
its Performance Improvement Program.

Despite a satisfactory performance in Q3 2012, the Group prefers to
remain cautious and therefore confirming that it expects a slight
increase in revenue in 2012 combined with a very slight decrease of its
EBITDA compared to 2011. The Group also confirms that it has no plans to
make further acquisitions by the end of the year.

Financial calendar

The Group will hold a conference call in English this evening,
November 8, 2012, at 6:15 pm (Paris time). The call will be hosted
by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head
of Investor Relations.

Contact number:

France:

+33(0)1 70 99 42 77

USA:+1 212 444 0412

UK
and other:+44 (0)20 3106 4822

Conference ID : 7212641

January 15, 2013

3rd Investor Summit

March 4, 2013, after the market closes

FY 2012 results announcement followed by a conference call

March 5, 2013, at 11:30 am

SFAF meeting to present FY 2012 results

May 6, 2013, after the market closes

Q1 2013 revenues announcement

July 30, 2013, after the market closes

Q2 2013 revenues announcement

September 19, 2013, after the market closes

H1 2013 results announcement

September 20, 2013

SFAF meeting to present H1 2013 results

November 7, 2013, after the market closes

Q3 2013 revenues announcement

Additional information

The Audit committees and the Board of Directors met in the presence of
the Statutory Auditors on November 7 and 8, 2012, to examine Q3 2012
revenue figures.

Founded in 1969, Cegedim is a global technology and services
company specializing in the healthcare field. Cegedim supplies
services, technological tools, specialized software, data flow
management services and databases. Its offerings are targeted
notably at healthcare industries, life sciences companies,
healthcare professionals and insurance companies. The world leader
in life sciences CRM, Cegedim is also one of the leading suppliers
of strategic healthcare industry data. Cegedim employs 8,200
people in more than 80 countries and generated revenue of €911
million in 2011. Cegedim SA is listed in Paris (EURONEXT: CGM).